Petrostate windfall tax would help poor countries in climate crisis, says Brown

Former British PM calls for 3% levy on oil and gas export revenues of biggest producers to generate $25bn a year for global southPetrostates should pay a small percentage of their soaring oil and gas revenues to help poor countries cope with the climate crisis, the former UK prime minister Gordon Brown has urged.Countries with large oil and gas deposits have enjoyed a record bonanza in the last two years, amounting to about $4tn (?3.3tn) last year for the industry globally. Levying a 3% windfall tax on the oil and gas export revenues of the biggest-producing countries would yield about $25bn a year. Continue reading...